HIVE Digital Stock Surges Amid Bitcoin Mining Success
HIVE Digital Technologies (HIVE) has seen its stock price rise by nearly 6.5% to $2.47 per share, driven by Bitcoin‘s record rally and the company’s achievements in Bitcoin mining. This increase has pushed HIVE’s market capitalization to approximately $530 million, with the stock gaining over 21% in the past month.
Key Achievements in Bitcoin Mining
- Increased Bitcoin hashrate to over 12 exahashes per second (EH/s), doubling since January
- Annualized revenue run rate now stands at $250 million
- Plans to scale to 18 EH/s, targeting $400 million in revenue
Strategic Adaptations and Industry Challenges
CEO Aydin Kilic noted the company mines more than 6 BTC daily with a 55% operating margin. The Bitcoin mining sector faces hurdles after the latest halving, prompting firms like HIVE to expand into AI and high-performance computing to sustain growth.
Leading Position Among Bitcoin Holders
HIVE is now among the top 20 public holders of Bitcoin, with 2,201 BTC in its reserves, underscoring its significant role in the Bitcoin network.
